Galahad trading system performance for February 2026
Here is the Galahad trading system performance report for February 2026, including the monthly benchmark comparison and a brief review of the market environment that shaped the portfolio during the period.
Monthly Performance
Since inception refers to the start of live trading in Galahad, beginning in February 2022. See Performance Disclosures: Monthly Performance. Evan uses Interactive Brokers as his primary broker and reporting agent.
Market Environment
February was a correction in disguise. The tech rally that defined 2025 stalled: Nasdaq fell 3.4% while the S&P was roughly flat and the Dow was slightly green. Leadership rotated from mega-cap tech into energy, utilities, consumer staples, and value. Inflation was moderating toward target — PCE at 2.9% — even as tariff noise added uncertainty, and the bond market noticed: 10-year yields fell under 4% for the first time in months, suggesting growth concerns are building. Gold reclaimed $5,000+ territory. Defensive and cyclical sectors led; consumer discretionary and information technology each fell more than 7%.
Portfolio Positioning
Galahad returned +3.67% versus -0.86% for the S&P 500 and +0.29% for a 60/40 portfolio. Gold was the primary driver as GLD gained 8.72% and IAU gained 8.63% while the Nasdaq trend position declined 2.34% as tech leadership rotated out. Two of three trend positions were engaged throughout the month, with no trend entries or exits and no insurance transactions. XLP and IAU were the core contributors. For the month, Galahad outperformed both the S&P 500 and the 60/40 benchmark.
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